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Next trims profit forecast to £723m

Next trims profit forecast to £723m

Business
Fashion chain Next lowered its profit forecasts but said sales over the crucial Christmas trading period rose. The retailer downgraded its full-year profit forecast to £723m, from the £727m previously expected.It blamed the lowered guidance on the sale of seasonal products, such as personalised gifts and beauty products, which bring in lower profits than clothing.Next also said it faced higher costs associated with selling products online.But it said full-price sales for the festive period were in line with expectations, up 1.5% between 28 October and 29 December.Sales at its 500 stores slumped 9.2% over the Christmas trading period, but this was offset by a 15.2% surge online. Next's trading update will come as a relief to the high street, which has been deci...